Expanding Social Security Benefits All Workers
Siavash Radpour () and
Anthony Webb ()
No 2020-02, SCEPA policy note series. from Schwartz Center for Economic Policy Analysis (SCEPA), The New School
Social Security provides insurance against the risk of outliving oneâ€™s wealth that is valuable to low and high earners alike. Both low and high earners would benefit from Social Security expansion. We propose expanding Social Security by allowing workers to buy extra Social Security benefits. We propose defaulting workers into revenue neutral â€œCatch-Upâ€ contributions. Starting at age 50, workers would contribute an additional 3.1% of salary. The typical worker would receive additional benefits of $226 a month at retirement.
Keywords: Social Security; Retirement; Catch-Up; Benefits; Savings; Wealth; Older Workers (search for similar items in EconPapers)
JEL-codes: D63 E21 H55 J26 J32 (search for similar items in EconPapers)
Pages: 6 pages
New Economics Papers: this item is included in nep-age, nep-ias and nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:epa:cepapn:2020-02
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